Enterprise Ireland approves more than €55 million in funding to help Irish businesses reduce their carbon emissions and speed up their transition to a sustainable, low-carbon economy.
The funding, provided through Enterprise Ireland's Green Transition Fund and the Environmental Aid Scheme, has already benefited over 400 companies across the country since June 2022, resulting in an estimated reduction of 130,000 tonnes of CO2 emissions.
The announcement came alongside the Sustainable Enterprise Summit, a key event that brought together over 500 industry leaders, policymakers, and sustainability experts. The summit, which took place on November 5 at the Dublin Royal Convention Centre, and marked a pivotal moment in Ireland's efforts to meet its climate goals and drive decarbonisation within the business sector.
Ireland has committed to achieving net-zero greenhouse gas emissions by 2050, with an ambitious intermediate target of reducing emissions by 51% by 2030. To meet these targets, action within the enterprise sector is essential, particularly in reducing on-site industrial emissions, which must be cut by 35% by 2030.
Enterprise Ireland’s funding has played a vital role in supporting Irish companies to meet these targets. The funding is particularly focused on large industrial emitters – companies regulated by the EU Emissions Trading System (EU ETS) – who have already made significant progress.
Since 2021, these companies have reduced their emissions by 13%, putting them on track to meet the 2030 emissions reduction target.
Jenny Melia, Executive Director of Enterprise Ireland, said: "With over €55 million in funding approved to date, we are enabling businesses of all sizes to reduce their carbon footprint, harness cost savings, and position themselves at the forefront of the low-carbon economy.
We’ve made significant strides in helping companies adopt more sustainable practices, but as we look toward our ambitious 2030 and 2050 targets, we recognise there is more to do.
Enterprise Ireland will continue to strengthen its support for businesses on this journey over the coming years, enabling companies to turn sustainability from a challenge into a competitive advantage.”
In addition to the €55 million, the Department of Enterprise, Trade and Employment allocated a further €300 million in June 2024 under the Environmental Aid Scheme.
This new funding aims to support the broader green transition agenda, helping Irish businesses navigate the challenges of decarbonisation while positioning them for future growth in an increasingly sustainability-driven global market.
The Sustainable Enterprise Summit, showed how Irish businesses are integrating sustainability into their core strategies, underscores the increasing importance of environmental responsibility in business.
The summit featured contributions from a wide range of companies, including multinational corporations, SMEs, and start-ups, sharing their experiences and practical insights on driving sustainability.
With contributions from leading companies such as Diageo, Dairygold, Techrete, Aerogen, Watershed, Portwest, Version1, and Carbery, the summit highlighted how sustainability can be advantage.
By embracing greener practices, these companies are not only reducing their environmental impact but also responding to the growing global demand for sustainable products and services.
The summit inspired other Irish businesses to follow suit, integrating sustainability into their operations and long-term strategies. With a focus on the practicalities of the green transition, the event provided valuable guidance on accessing funding and navigating the challenges of decarbonisation.
As the green transition continues to evolve, Enterprise Ireland remains committed to supporting Irish businesses in their journey towards sustainability.
Through targeted funding, strategic guidance, and the sharing of best practices, Enterprise Ireland is helping businesses of all sizes to turn sustainability from a challenge into a growth opportunity.
As Ireland looks to the future, the green transition is set to drive innovation, create new business opportunities, and reinforce Ireland’s position as a sustainable, competitive economy on the global stage.
With €55 million in funding already approved and more support on the horizon, Enterprise Ireland is playing a central role in ensuring that Irish businesses are well-equipped to meet the challenges and opportunities of the green economy.
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